Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a profit after tax of ₹2,638 crore for 2022-23, against a profit of ₹2,955 crore in 2021-22, registering a decline of 10.73 per cent. The company’s profit after tax stood at ₹1,908 crore during the fourth quarter of 2022-23, against a profit of ₹3,008 crore in the corresponding period of the previous fiscal.

On Friday, the MRPL board approved the standalone and consolidated audited financial results for the fourth quarter and the financial year ended March 31.

The gross refining margin (GRM) was at $9.88 a barrel in 2022-23, against $8.60 a barrel in 2021-22. The GRM was at $15.12 a barrel during Q4 of 2022-23, against $15.28 a barrel in Q4 of 2021-22. (GRM is the difference between the price of crude oil and the end products.)

During 2022-23, the company recorded its highest throughput and turnover. Total throughputincreased to 17.14 million tonnes (mt) in 2022-23, against 15.04 mt in 2021-22. Total turnover increased to ₹1,24,686 crore in 2022-23, from ₹86,067 crore.

Also read: MRPL posts Q3 loss of ₹188 cr

Export earnings stood at ₹44,509 crore during 2022-23, against ₹31,533 crore in 2021-22.

Highlighting the impact of windfall tax on export of motor spirit (MS), high-speed diesel (HSD) and aviation turbine fuel (ATF), a media statement said the Special Additional Excise Duty and Road and Infrastructure Cess levied on export of HSD, ATF, and MS effective July 1, 2022, has correspondingly reduced the domestic refinery transfer price.

The company has made a representation to the Government in this regard.

The company added 31 retail outlets in 2022-23, taking the total to 63 as on March 31.

Also read: Windfall tax: Will India impose it too?